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The country should prepare for its post-middle income period when costs of using foreign copyrights will surge significantly, experts said Thursday.
They also suggested raising awareness about patent, design and trademark registration by the innovators and investors to cope with the changing situation.
The observations came at the inaugural ceremony of the online application service by the state-run Department of Patent, Design and Trademark (DPDT) aiming to raise registration by making it easier.
People can also get all kinds of information and services related to intellectual property rights (IP) online now on the DPDT website.
Industries minister Amir Hossain Amu opened the online service at a ceremony organised by DPDT at BIAM Foundation Auditorium in Dhaka.
DPDT started the service under 'IP Tube Component' of 'the a2i' project under the Prime Minister's Office (PMO).
The industries minister said investments in research and development (R&D), especially in science and technology, should be enhanced to promote innovation of new products and technologies.
Amu said the government was now focusing on making the economy innovation-driven.
He said developed countries highly emphasised R&D and their investors, innovators can easily register their patents, designs or IP.
He said the DPDT's online service would help raise registration of patent designed by the local entities significantly.
Industries secretary Mohammad Abdullah said the government had attached high priority to innovation and incorporated IP into its National Industry Policy 2016.
Under the policy, the DPDT has been automated.
He said the government was working on setting up a comprehensive Bangladesh Intellectual Property Office (BIPO) by combining DPDT and Copyright offices.
Clients could get one-stop service from the office, he said.
While presiding over the programme, DPDT registrar Md Sanowar Hossain said the country would have to be prepared for its post-middle income period considering the use of foreign patent or IPs.
He said local companies now pay only a token price as royalty for using foreign copyrights as a least-developed country.
They will have to pay more than 6.0 per cent as royalty if Bangladesh gains a middle-income status, he said.
He noted local patent and designs should be increased through raising investments in research and development, especially in science and technology education as the global economy would be more technology-driven in the coming days.
DPDT deputy registrar Mohiuddin Al Farooq, spoke, among others.
A total of 5,642 patents, 15,397 designs and 53,525 trademarks have been registered in the country since 1972.